A “United States Official Taxpayer” protests at the Trump International Hotel in Washington before Donald Trump's inauguration on Jan. 20, 2016. Critics say Trump's budget proposals, including tax cuts and a costly border wall with Mexico, are economically unsustainable. (Cover: Getty Images/Mark Makela)

The clock is ticking, so-called budget hawks warn about the nation's growing national debt: Public debt has soared from $925 billion in 1982 to almost $14.4 trillion in 2017. If debt keeps piling up at this rate, by 2032 the federal government will owe an amount larger than the U.S. economy — an outcome that could be disastrous, many economists say. Republicans and Democrats agree that Washington needs to act, but they are far apart on how to lower the debt. One problem is the growth in Medicare and other entitlement programs. With the massive Baby Boom Generation retiring, entitlements are consuming a larger and larger proportion of the budget. Another problem is a tax code that is failing to bring in sufficient revenue. Some economists say the threat of financial catastrophe is overblown. They note the dollar remains the dominant global currency and that foreign investors continue to flock to U.S. markets, meaning the government will be able to continue borrowing for the foreseeable future.